The group’s Q2 2021 was marked by strong revenue momentum, continued cost discipline and a very low cost of risk.

Société Générale has reported ‘very buoyant’ commercial activity in the second quarter of 2021, especially in investment solutions – particularly in listed products – and in the retail and large corporates segments.

Structured products also performed well, Frédéric Oudéa (pictured) stated in its Q2 21 results report.

‘People are saving money and are willing to get advice for investing in the best saving products,’ he said, adding that a particular strong quarter was seen from the global banking & investment solutions business. 

SRP data confirms that the French group is the number one issuer of listed products in Q2. The bank issued some 100,960 turbo certificates in the quarter (Q2 2020: 127,765 turbos), the vast majority of which were targeted at investors in Germany (90,162). Other countries where its turbos are marketed include France (6,789), Belgium (3,307), the Netherlands (2,816) and Portugal (683).

It also issued 16,329 listed flow products (reverse convertibles, bonus-, capped bonus-, and discount certificates) during the period (Q2 2020: 67,185), again mainly targeted at the German investor but also, to a lesser extent, at investors in Belgium, France and the Netherlands.

On the primary market Société Générale launched public offers in 13 different jurisdictions. Some 446 products worth an estimated US$4.1 billion were issued between 1 April and 30 June 2021 (Q2 2020: US$2.4 billion from 741 products).

The highest activity was seen in the bank’s home market France where it collected US$2.9 billion from 323 products that were available via 19 distributors, including, among others, Adequity, Nexo Capital, Equitim, Irbis Finance, and i-Kapital.

Outside of Europe, SG achieved healthy sales in Japan (US$284m from 19 products).

The Société Générale stock is included in a number of principal socially responsible investment indices including the DJSI (World and Europe), FTSE4Good (Global and Europe), Bloomberg Gender Equality Index, Refinitiv Diversity and Inclusion Index, Euronext Vigeo (Europe and Eurozone), Stoxx Global ESG Leaders and MSCI Low Carbon Leaders Index (World and Europe).

The bank was also recognised as the manufacturer of the Best ESG Solution at the SRP Asia Pacific Awards 2021 and collaborated in the quarter with Vigéo Eiris and Solactive to launch the Solactive Just Transition Index, which offers retail clients in the Czech Republic and Romania exposure to social themes.

In Q2 2021, total revenues were up 18.2% year-on-year.

Asset and wealth management’s net banking income totalled €232m in Q2 2021, stable versus Q2 2020.

Lyxor’s net banking income amounted to €57m, an increase of €17m compared to the prior year quarter. Assets under management at the group’s asset management arm, at €165 billion, were 7.1% higher compared to end-March 2021.

As of 30 June 2021, the group’s consolidated balance sheet included debt securities issued of €137.9 billion (end-December: €138.9 billion) and an outstanding for hedging derivatives of €10.2 billion (€12.5 billion).

The company’s 2021 long term funding programme included €16 billion of structured notes issuance of which €12 billion was already completed by 16 July 2021.

Click the link to read the full second quarter and 1H 2021 results, presentation and consolidated financial statements.